Sep 07, 2011 (SmarTrend(R) Market Surveillance via COMTEX) -- Shares of China Information Technology (NASDAQ:CNIT - Snapshot Report) traded at a new 52-week low yesterday of $1.15. Approximately 153,000 shares have traded hands yesterday vs. average 30-day volume of 253,000 shares.

China Information Technology closed at $1.19, approximately 38.3% below its 50-day moving average of $1.93. SmarTrend will be monitoring shares of CNIT to see if this bearish momentum will continue.

In the last five trading sessions, the 50-day MA has fallen 2.94% while the 200-day MA has slid 3.28%.

In the past 52 weeks, shares of China Information Technology have traded between a low of $1.21 and a high of $6.78 and are now at $1.19, which is 18% of that high price.

SmarTrend currently has shares of China Information Technology in an Downtrend and issued the Downtrend alert on August 08, 2011 at $1.85. The stock has fallen 31.9% since the Downtrend alert was issued
 

Source:zacks